All Forum Posts by: Elias Halvorson

Aloha Hunter, many lenders have physician’s loans but I’ve heard it’s tough to beat bank of America’s physician’s program. Definitely check with them. 

Hi Qwee, 

I specialize in VA loans and am always happy help fellow veterans (not licensed in MN though). You can google VA lender's handbook. What you will be looking in is chapter 4, credit underwriting.

"If the borrower(s) provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing, a monthly payment does not need to be considered. If a student loan is in repayment, or scheduled to begin within 12 months from the date of VA loan closing, the lender must consider the anticipated monthly obligation in the loan analysis and utilize the payment established by calculating each loan at a rate of five percent of the outstanding balance divided by 12 months. Example: A borrower has a $25,000 student loan balance and you multiple it by 5%, which equals $1,250. This amount ($1,250) is divided by 12 months to equal a monthly payment of $104.17.

If the payment(s) reported on the credit report for each student loan(s) is greater than the threshold payment calculation above in a above, the lender must use the payment recorded on the credit report. If the payment(s) reported on the credit report is less than the threshold payment calculation above, in order to count the lower payment, the loan file must contain a statement from the student loan servicer that reflects the actual loan terms and payment information for each student loan(s). The statement(s) must be dated within 60 days of VA loan closing, and may be an electronic copy from the student loan servicer's website or a printed statement provided by the student loan servicer. It is the lender's discretion as to whether the credit report should be supplemented with this information.

Hope this helps. DM me if you have any other questions, etc. You likely already know, but you need to pull your COE and calculate how much entitlement you have left. And whatever $ amount you go over your remaining entitlement, you will need to pay 25% down payment. For instance, you have $250K in remaining entitlement, but that house you are buying is $450K. You would need to pay 25% of your $200K overage as a down payment ($50K), and you would get a loan for the remaining 400K. 

V/r,

Elias 

If the rates and points are the same, Id likely take the 150k extra cash. 

You can do a DSCR cashout refinance no issues. Typically these are maybe 1% higher rates than conventional investment cashout refis.

Lots of lenders in FL. Just like many people have commented earlier - get multiple quotes. I would recommend going with a local lender though

Hi Lue, 

You meet the requirement, you would be what's called a non-occupant co-borrower.

I wouldnt recommend refinancing at that. That doesnt seem like a good rate but rates have skyrocketed the last 3 weeks. I would hold off until after the election. Rates could go a lot higher, but what you're being offered isnt that great of a deal so if they did, not refinancing wouldnt be that big of a deal. 

Aloha Tekoa, 

The problem with DSCRs is every lender has their own particular sets of rules/guidelines which Devin mentioned above. These are not typically smooth because even when you meet all their guidelines the lender's investor will usually require more documentation. They (the lender or investor) literally can make up the rules so I have to disagree with Devin in DSCRs generally being the easiest. Sure, you can get a conditional approval very easily, but satisfying all the conditions the lender and/or investor has required often can be difficult if not impossible. Just be patient, as Devin stated, the expectations of these loans being a complete pain were not properly set. I would recommend you shop around, but since rates have skyrocketed the past 3 weeks, you are unlikely to find a better deal than what you locked your rate at in with your current lender. 

Every market has it's little quirks and all things being equal I would go with a local lender - especially with a purchase. That being said, many mortgage brokers and mortgage bankers lend in multiple states. Shopping for rates is very important. 

Tyler, 

Yup, sulfur in the water as noted above. I worked in the family water well drilling business growing up. I would recommend getting the water treated. It might cost a 3-10K to fix this problem...